World Bank Presents Iran's Economic Outlook

Iran’s GDP growth in 2017-18 dropped to 3.8%, as the effect of a large surge in oil revenues in the previous year dissipated.

The overwhelming majority of growth came from the non-oil sectors out of which more than half can be attributed to services growing by 4.4%. Oil, agriculture and services sectors are now back above the levels of activity they were prior to UN sanctions in 2012.

But in the past two years, there has not been a strong bounce back in key sectors such as construction and trade, restaurant and hotel services following their post-2012 stagnation and the overhang from the problems of the banking sector.

The oil and gas sector witnessed a growth of 0.9%, limited by the OPEC+ quota for the agreed period, the World Bank said in a new report.